Cobble Hill Towers, built in 1879 as an example of better housing for the poor, will soon be converted to condominiums:
Brooklyn Paper: Tenants in the landmark building will be offered the chance to buy their apartments at insiders price such as $230,000 for a studio and $595,000 for a three-bedroom apartment. Owners would then be free to set their own re-sale prices, though residents in the rent-stabilized apartments will not see any changes if they want to go on renting.
Still, the plan will result in the building’s transformation from moderate-income rentals to luxury condos. As a result, it has frightened residents, who are unsure whether they’ll be able to buy, even at the insider prices.
“It’s ridiculous,” said longtime resident Cindy Nurullah. “Some people are going to have to pay more money [to buy their place].”
Hudson Companies’ Principal David Kramer called the concerns misguided, as there is no plan to evict any tenants.
“I think change can be scary to a lot of people,” he said. “We are giving people the best deal in town.”
Editor’s note: Before Homer had his coffee this morning, he incorrectly identified this as a story about Riverside Apartments. Sorry. Now, please carry on.